In an industry where competition is rife, growing and advertising a startup can seem like a daunting task! The marketing landscape is raging with the continual influx of new trends that it looks like a new startup is born every five minutes. In this case, discovering growth hacking strategies that can boost your startup is fundamental.
And right now, is the perfect time to practice growth.
Many tycoons have made them an essential part of scaling their business as they witnessed profitable results. It is about time you do the same. To gauge a business, entrepreneurs must market their services/products effectively. Many obstacles will come along the way; however, consistency is possible by implementing a few top-notch growth hacking strategies.
There’s no doubt that startups, including those that receive funding from investors and venture financiers, have to operate on a lean budget. They need to prove that their business is worth the notice to get additional capital to scale. The only way for them to survive is to make money – fast.
But how? Through Growth hacking!
For achieving optimum marketing success, here are five sacred growth hacking strategies that always render positive results.
Before we jump in, though, we’d like to add our two cents on what growth marketing is and why startups should believe in it.
What Is Growth Hacking
Growth hacking is a trial-based technique to determine the most beneficial ways of growing a business. The process involves a mix of development, SEO, design, analytics, marketing, data, and engineering.
A formula that growth hackers follow meticulously is Product + Growth = Impact.
It is “growth hacking” because a hacker considers an innovative, cost-effective, and rapid method to acquire growth rather than following conventional rules. Any growth hacker may use a combination of tactics to achieve his goals, such as email marketing, viral marketing, content marketing, A/B testing, SEO, or reverse engineering.
It doesn’t matter what business you’re running; holding a groundbreaking marketing strategy in your hands will be the ticket to success. Let’s suppose you are creating some top-quality guest posts. For sure, you will want your visitors to read every one of them – but how? The trick is to implement link building. Just pick any targeted keyword, add a link to it, and have your content be “seen” by everyone.
On the other hand, if you’re too busy to post content, there’s a shortcut available. Link Building HQ is an outstanding service provider. From there, you can get access to efficient blogger outreach services and on-demand link building. With these facilities, you can continue to entertain your visitors with new posts every day and boost your search engine rankings. Additionally, keep in mind that this is one of the supreme growth hacking strategies to adapt.
Now that the meaning of Growth hacking is out of the way let’s move on to our strategies.
Five Growth Hacking Strategies for Startups
1. Create an Email Waiting List
The good ole saying, “The money is in the list,” actually applies to growth hacking. This powerful strategy leads to countless new leads and conversions. By “list,” we mean your email subscribers, which are a crucial part of your email marketing strategy.
In the early phase of your startup, you can design an email list using targeted landing pages. The benefit? Building an email list allows you to gather customer data and notify your audience about your services/products ahead of time.
You can benefit from this by pre-launching your services to the public and acquiring insight into how well consumers like it before you release it officially. However, simply creating an email list won’t be enough since its prosperity depends upon how strategically you cooperate with your target audience. The goal is to strive for more attention before reaching out to any of our prospects.
2. Invest in Referral Marketing
Go ahead; ask any marketer about the most successful method to drive progression, and you can rest assured that they will respond with referral marketing.
Referrals are one of the most effective growth hacking strategies you’ll ever come across. It’s so remarkable that a Nielsen review discovered that visitors were four times more likely to purchase whenever a friend or a family member referred something to them.
This tactic works exceptionally well when you have many customers who are satisfied with your products. If you have a bond like this, you can also invest in incentives for your consumers to enhance your marketing strategy’s efficiency.
An official example of referral marketing done well is that of Dropbox. For every user that an existing user invited, Dropbox compensated that customer with an additional 500 MB of bonus space. This implementation was so successful that Dropbox experienced an incredible increase in new signups and conversions.
3. Make New Partnerships
Business collaborations and partnerships are among the best growth hacking strategies as they create much noise. The majority of brands have realized that product partnership and co-marketing is an effective growth-marketing tactic.
It’s good for so many things. For one, it will create an exciting social media buzz. Second, it will send relevant organic traffic to your site. Indeed, it offers an advantage for news coverage and enhances your services and products’ visibility globally.
Some of the most successful collaborations with not-too-shabby conversions have manufactured new products around a single theme. A startup can develop an astonishing collaboration if it can manage to find the right partner to offer value to its brand and vice versa.
Furthermore, partnerships even work for corporations that function in different industries. An excellent example is a partnership between Airbnb (a room sharing software) and Flipboard (a news app) that enables users of one brand to control the other partner’s features.
4. Follow Your Competitors
Competition can come in various sizes and shapes, but it always exists. Once you’ve understood your competitor landscape, it is critical to display why your brand has a competitive edge in any respective market. Be aware of all the changing aspects of your competitive landscape. It will allow your business to leverage its strengths quickly.
Most businesses fail at this because they start following their rivalry without an action plan. As a result, they fail to get the desired results. A foolproof plan should focus on noticing all the conversations that are happening around the brand. For this purpose, you need to be on the same digital platforms (social media forums) where the target audience hangs out.
Furthermore, this plan should also involve a comprehensive and regular analysis of the opponent’s blog (and the keywords in those blogs) so that you may alter your ideas for maximum influence. Besides that, you should also keep track of their backlinks to have a fair clue of how they are marketing their services and products.
5. Take Advantage of Live Chat for Real-Time Support
Your launch was successful, and the reception of your services/products has been a rising success. The last thing you want to do now is to rest on your laurels.
Consumers get most turned off when there isn’t sufficient help available to them regarding your product. It is one of the many reasons why 67% of people cancel their orders or subscriptions. They get frustrated, and at the end, turn away from your product. So, how do you ensure this does not happen with you?
You offer real-time customer support via a live-chat tool.
By adding live-chat software, your provision representatives can assist customers consistently throughout their venture. An excellent live-chat platform enables you to provide product knowledge and support in real-time to consumers when they require it.
Growth hacking may be a relatively new tactic startups are using to generate progress in their customer acquisition. But as we have seen, it is highly effective. Startups generally do not have a substantial budget to promote their business. However, these growth hacking strategies offer an efficient and confirmed way for startups to advertise their products and services to their target audience.
Moreover, it would help if you experimented with unique strategies consistently to find ones that work best for your niche and industry. Try different techniques often, and be sure to evaluate the results so you can gather an accurate idea of what’s working and what isn’t.
In the end, you will be surprised how small, elusive changes in marketing strategy and business processes can have a significant impression on your overall bottom line.
About the Author
Danish Mehmood is a senior SEO strategist at a web development and digital marketing agency based in Orlando, FL. He is passionate about digital marketing and loves to analyze the SEO industry in his spare time and stay in touch with the latest happenings.